New York manufacturing growth is making modest improvements, according to a July report (link opens as PDF) released today by the New York Federal Reserve.
Comprised of surveys from around 100 New York executives, The Empire State Manufacturing Survey attempts to determine whether certain components of manufacturing have experienced growth (positive number) or contraction (negative number).
For July, the survey's general business conditions index managed a two-point increase, to 9.5, exceeding analyst expectations of a slight slump in growth, to 5.00, after June's 7.84 reading. According to the New York Federal Reserve, this index has been "modestly positive for five of the past six months," alluding to May's romp in the red.
Investors watch New York manufacturing (and other areas, as well) as a possible signal of larger economic upswings or downturns.
While current conditions managed a solid increase, future expectations look even more optimistic. The survey's six-month outlook index rose seven points, to 32, pushed ahead by predictions of new orders as well as declines in inventory levels.
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